The firm started coverage on BJ's at an outperform rating and set a price target of $80, which would represent an 18% gain from here.
"We like BJ's wholistic approach to club membership engagement which incorporates digital analytics & a complete basket value proposition with strong appeal to a younger demographic," analyst Oliver Chen wrote in a note Thursday. "We model high single-digit long-term EPS growth on low single-digit comps & growth from a young base of 238 stores." Shares of BJ's are up just about 2% this year, trailing Costco's 23% gain.
The average BJ's customer is 43 years old with a $104,000 income, compared to an average age of 45 years old and income of $103,000 for the typical Costco customer, according to TD Cowen.
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